Gerard Cassidy Quotes (18 Quotes)

The real profit in the credit card business is the revolving balances, ... Commerce has calibrated what balances they need to be able to make this product profitable without charging the fees that some of the other credit cards charge.

The numbers were good at all of the custody banks and were driven by revenue in their asset management business.

If it were as negative as it appears on the surface, Microsoft stock would be dropping like a rock, and it's doing just the opposite. It doesn't appear to be something that's material in nature.

The dramatic decline in the share price is entirely due to what's going on at its subsidiary, ... This is a serious distraction from the HSBC takeover arrangement that needs to be resolved.

Investors that were hoping for the sale of the company will be disappointed by this announcement. Investors who are in it for the long run will be pleased. I think this is a very strong choice, a very good choice for the company to bring in a Bob Kelly to run it.

If we see a recovery this year and it becomes a stronger one than we expected, that will adversely affect bank stocks like they did in 1994 and 1999.

I don't know any strong company that cuts its dividend in half.

A number of acquirers in 2004 have digested transactions and may do more in 2006.

I wouldn't view this as any indication the company is putting itself up for sale. I think it's an indication of better corporate governance. What they are trying to show everyone is that there's not going to be any artificial hurdles to them being acquired.

For big banks that want to remain major players, this move is going to force them to make strategic mergers, just like 1998.

Should this or a transaction like this go through, the initial reaction is going to be very favorable, similar to the Legg Mason-Citigroup transaction. The proof in the pudding won't really be seen for a good three years. Then people can look back and say 'Wow, super smart deal,' or 'not so smart.

It's a resolution of a long-simmering cloud that'd been hanging over this company. Though it's painful, the resolution could have been worse. It's good news that it's resolved.

Republic is going to have to pay the price of what's gone on here. Is that price large enough to kill the deal The answer at this time is no. But there is a better than 50 percent chance that the offering price has to be lowered.

Buyers are also more eager to do deals, because earnings growth is likely to slow. You can do a 'smokescreen' deal by buying an asset manager, commercial lender or processor, making it tougher to determine a company's true organic growth.

Because its three main competitors shot the lights out, Bank of New York's solid, respectable results disappointed people.

Everything they did in this communication was as if they had something to hide. They flunked it big-time.

The timing of the bank sale could have been better, but you can't blame management for the timing. Mellon did not, and could not, see that interest rates would fall to 45-year lows right after the sale of the bank.

The challenge for banks in the slower revenue growth environment is to become more efficient to drive down operating expenses. With the spread between the long end and short end being narrow, it's tougher for banks to make money.